A: The table below shows your Full Retirement Age (FRA) based on when you were born: Birth Year Full Retirement Age 1943-1954: 66 1955: 66 and 2 months 1956: 66 and 4 months 1957: 66 and 6 months 1958: 66 and 8 months 1959: 66 and 10 months 1960 & later: 67
A: Widows and divorcees have the same full retirement age (FRA) as everyone else. However, widows (or surviving divorced spouses) can claim survivor benefits as early as age 60. Divorcees can claim benefits at age 62 even if the ex-spouse (age 62 or older) has not filed yet for benefits. Note: you must have been …View Article
A: You can only do this within 12 months of filing for benefits. You used to be able to do so anytime prior to age 70. Lots of financial advisors talked about this possibility, but few people actually did it. In any case, this option was eliminated in 2010.
A: If you were married for 10 years and are not currently remarried, you can claim benefits on your prior spouse’s record. In this day and age, it is not uncommon for two or three people to be claiming spousal benefits on one person’s work record.
A: You must have been married for nine months in order to collect spousal survivor benefits, and you have to wait until you are at least 60 years old to begin collecting (unless accidental death or caring for a child under the age of 16).
A: You must be married for one year before you are entitled to spousal benefits.
A: You accrue “Delayed Retirement Credits,” which increase your benefits at a rate of 2/3rds of 1% for every month (8% per year) you wait beyond your full retirement age. Your benefits can increase by 32% if your full retirement age is 66 and you delay collecting until age 70.
A: No. Claiming your own Social Security at age 62 reduces your monthly benefit by 25%. However, claiming spousal benefits (at age 62) results in a 30% reduction or .625% for each month prior to your full retirement age.
A: Your benefits will be reduced by approximately 0.52% for every month you collect prior to your full retirement age. If your monthly benefit would be $1,000 a month at your full retirement age of 66, you will collect only $750 per month if you claim benefits at age 62.
A: You can work and earn as much as you want without affecting your Social Security benefits after you reach your full retirement age. However, between age 62 and your full retirement age, you can only earn up to the “Earnings Threshold,” which is currently $16,920 (2017). For every $2 you earn above the threshold, …View Article